Saving with interest paid annually & private pension not claimed

//Hello

2 questions.

We have a few quid in savings, early retired for years,

We have recently moved savings  into Premium bonds, max amounts and cash isa savings where interest is paid annually ie on 12 months from when we paid in - I am aware these don't need to be declared on the Self Assessment tax return

We also have a certain amount of savings that pay interest monthly and we will declare that for the 12 months April to April

What I am not clear on we also have xx amounts in a savings account where the interest will be paid on a year's anniversary ie Sept 2024.  How do we declare that on the Self-assessment tax return - do we declare noting for that on the 23/2024 tax return?

When we complete the 23/24 SA tax return, I have a pension that I was entitled to in Oct 22, its a monthly income - I've not yet accessed it - do i need to declare that on the 23/24 SA tax return and if so is it the income I would have got?

We both have incomes in excess of the tax allowance amounts for basic rate taxpayers but we do not work and not officially retired ie state pension age.

Comments

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 12,802
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    What I am not clear on we also have xx amounts in a savings account where the interest will be paid on a year's anniversary ie Sept 2024. How do we declare that on the Self-assessment tax return - do we declare noting for that on the 23/2024 tax return?
    You're overcomplicating things.

    You declare the interest on the return for the tax year in question.  Interest paid on any day in September 2024 would go on your 2024-25 tax return.

    When we complete the 23/24 SA tax return, I have a pension that I was entitled to in Oct 22, its a monthly income - I've not yet accessed it - do i need to declare that on the 23/24 SA tax return and if so is it the income I would have got?

    Again you would declare the income relevant to the return in question.  Assuming this is a DC pension pot where no taxable income has been taken then there is nothing for you to declare.

  • Hello  @Dazed_and_confused


    A big thanks

    The interest rates declaration is 100% clear,

    What is "DC"?  The pension I refer to was a company pension,  I had left  the company  than 30 years ago and did not contribute anything else towards it and it is a guaranteed minimum sum pension. I was entitled to it as per my OP but I think I won't calim it until later in the year, ie new tax year after April 6/7th possibly in May/July
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 12,802
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    DC is defined contribution i.e. a pot of money.

    DB is defined benefit, often known as final salary (or nowadays it could be a CARE scheme)
  • Albermarle
    Albermarle Posts: 21,193
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    and it is a guaranteed minimum sum pension

    Although there are no tax implications as you are not taking it, can you just clarify what the above means?

    Is it a Defined Benefit pension, where you will have a guaranteed annual income every year, based on how long you worked at that company and how much your salary was ?

    Or is a Defined Contribution pension, where there is a pot of money, usually invested in the financial markets? These sometimes have some guarantees attached, such as Guaranteed Annuity rate.

  • @Albermarle
    @Dazed_and_C0nfused

    Thanks again

    The pension was fixed at around 190 pounds a week when I left the company, therefore it was a what they call 'a guaranteed minium payment.'  I've calculated the yearly amount and divided it by 52 - 190

    When I left the private co, no more contributions were made by me or the co.

    The gurantee was the amount but I could only access this at a certain age.

    I did not declare this on the previous tax returns but I do declare the two other private pensions I am in receipt of.

    Do I declare the one I am now entitled to but decided not to access it atm?   
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